Injective has officially released its inEVM Layer 2 on the mainnet, aiming for greater collaboration with Ethereum, Cosmos, and Solana. The company promotes inEVM as the initial Ethereum Virtual Machine rollup that can truly achieve composability across Cosmos and Solana.
Following a successful testnet, Injective’s inEVM launch is in line with its plan to create a network of blockchains to expand its Layer 2 ecosystem and improve interoperability with other blockchains.
Injective Protocol, often referred to as “the blockchain built for finance,” was designed specifically for the world of finance. Founded by Eric Chen and Albert Chon, Injective aims to democratise access to financial markets and eliminate barriers to entry by providing an open, interoperable layer-one blockchain for building powerful DeFi applications.
Injective operates with its native utility token, INJ, serving governance, token burn auctions, and staking on the Proof-of-Stake (PoS) network. Particularly, it employs a token burn mechanism, directing fees to weekly buy-back-and-burn auctions to decrease the token supply.
The technical components include the Injective Chain, a public blockchain supporting DeFi applications; the Injective Bridge, facilitating decentralized cross-chain bridging with Ethereum and other IBC-enabled blockchains; Injective API Nodes, serving as a data layer for the protocol; and the CosmWasm Smart Contract, offering an interoperable platform for decentralized applications.
Injective’s inEVM enables Ethereum developers to deploy applications, such as decentralized exchanges, on Injective without altering the code. The launch, initially set for the fourth quarter of the previous year, was delayed for optimal timing. Injective plans to jumpstart the ecosystem with deployed dApps from projects like Celestia, Pyth, TimeSwap, and Thetanauts.
In January 2024, Injective upgraded its mainnet, deployed multiple dApps, and saw its premier decentralized exchange, Helix, achieve over $19 billion in trading volume. This saw Injective accomplish two major milestones: surpassing 400 million on-chain transactions and reaching 350,000 active wallets.
